Sometimes the loan company will write a letter on your behalf to the credit agencies explaining the error and that can help clean up your record.

Essentially, you don't have enough margin of error on this deal especially on a first buy.The WWTP alone is a huge risk that you should consider more heavily. $300-400K is a monster expense for a $800K park.

There’s really no room for error at that point.

I'm hoping I can get some brief advice/guidelines, "gotchas", and rookie mistakes related to contract timelines on multi-unit properties.I'm a recently licensed agent on the residential side of the business but I currently have a buyer looking for multi-units, anywhere from Duplex up to 10-20 unit apartments.My dilemma is this: I understand how to write a strong contract on the residential side.

Thats less risky and you have a lot of room for error.

The challenge is because we're in a such a hot market around Boston, rookie and veteran investors a like, are over paying for properties.

Thanks, I was unaware of that thread, but after reading/skimming through it, it does not sound to be fraud but some error that took place when they changed banks back in Oct, but it did not affect my accounts at all and I have not had an issues.

Homepath contract in hand... so happy.  I want this to be my dream home. Finally got 1 contractor to come in and say "sorry, you'll need 200K to renovate this house".  The next contractor wouldn't even come look. He j...

Furthermore,BiggerPockets is not responsible for any human or mechanical errors or omissions.Financial ProjectionsTotal Initial Equity: $68,350.00Gross Rent Multiplier: 8.06Income-Expense Ratio (2% Rule): 1.00%ARV based on Cap Rate: -50% Rule Cash Flow EstimatesTotal Monthly Income: $1,650.00x50% for Expenses: $825.00Monthly Payment/Interest Payment: $565.71Total Monthly Cashflow using 50% Rule: $259.29

Being your first deal you do not have a lot of room for error, lean on their experience.